December 03, 2008
Mumbai
CRISIL ‘AAAf’ for 35 ICICI Prudential FMPs

CRISIL has assigned its rating of ‘AAAf’ to 35 fixed maturity plans (FMPs) of ICICI Prudential Asset Management Company Ltd (IPAMCL). IPAMCL is the asset management company (AMC) for ICICI Prudential Mutual Fund (IPMF). The rating indicates that the FMPs’ portfolios will provide ‘very strong’ protection against losses arising from credit defaults. CRISIL’s rating is not an opinion on IPAMCL’s willingness or ability to make timely payments to investors, or on the stability of the funds’ net asset values (NAVs), which could vary with market developments.

CRISIL’s assessment of a bond fund’s credit quality is based on the creditworthiness of the fund’s portfolio. CRISIL has developed a credit quality matrix to assess the aggregate credit quality of a fund’s underlying portfolio. The matrix is a set of credit factors and credit scores derived scientifically from the default and transition rates of CRISIL's long-term ratings. The credit factors reflect the expected default behaviour of the respective securities in the portfolio, and the expected deterioration in their credit quality. The lower the credit factor for each security, the higher its inherent credit quality would be. The credit factors are applied to the proportion of securities in each rating category, to arrive at the credit score for the portfolio. The ratings on the funds are assigned based on the credit score given to the fund.

A rated fund needs to maintain a credit score that corresponds to its assigned rating at all times. In case a particular investment in a fund’s portfolio is downgraded, resulting in its credit score crossing the specified limit, the AMC has 30 days to restructure the portfolio to achieve the target credit score.

About the AMC
IPAMCL has been set up to act as the AMC for IPMF. The AMC manages the schemes of the fund in keeping with the provisions of the investment management agreement, the trust deed, applicable regulations, and the objectives of each scheme. IPAMCL had average assets under management of Rs.370.56 billion during November 2008.

Annexure : List of IPAMCL’s FMPs rated by CRISIL
Scheme Name CQR Rating
ICICI Prudential FMP Series 36-18 Months Plan A AAAf *
ICICI Prudential FMP Series 36-18 Months Plan B AAAf *
ICICI Prudential FMP Series 38-2 Years Plan AAAf *
ICICI Prudential FMP Series 39-18 Months Plan A AAAf *
ICICI Prudential FMP Series 39-18 Months Plan B AAAf *
ICICI Prudential FMP Series 39-24 Months Plan B AAAf *
ICICI Prudential FMP Series 41-14 Months Plan AAAf *
ICICI Prudential FMP Series 41-15 Months Plan AAAf *
ICICI Prudential FMP Series 41-16 Months Plan AAAf *
ICICI Prudential FMP Series 41-17 months Plan AAAf *
ICICI Prudential FMP Series 41-18 Months Plan AAAf *
ICICI Prudential FMP Series 41-19 Months Plan AAAf *
ICICI Prudential FMP Series 42-13 months Plan A AAAf *
ICICI Prudential FMP Series 42-13 Months Plan B AAAf *
ICICI Prudential FMP Series 42-13 Months Plan C AAAf *
ICICI Prudential FMP Series 42-13 Months Plan D AAAf *
ICICI Prudential FMP Series 42-15 Months Plan AAAf *
ICICI Prudential FMP Series 42-16 months Plan AAAf *
ICICI Prudential FMP Series 42-18 Months Plan AAAf *
ICICI Prudential FMP Series 43-13 Months Plan A AAAf *
ICICI Prudential FMP Series 43-13 Months Plan B AAAf *
ICICI Prudential FMP Series 43-13 Months Plan C AAAf *
ICICI Prudential FMP Series 43-13 Months Plan D AAAf *
ICICI Prudential FMP Series 43-14 Months Plan A AAAf *
ICICI Prudential FMP Series 43-14 Months Plan B AAAf *
ICICI Prudential FMP Series 44-1 Year Plan A AAAf *
ICICI Prudential FMP Series 44-1 Year Plan C AAAf *
ICICI Prudential FMP Series 44-1 Year Plan D AAAf *
ICICI Prudential FMP Series 44-15 Months Plan AAAf *
ICICI Prudential FMP Series 44-18 Months Plan AAAf *
ICICI Prudential FMP Series 46-1 Year Plan A AAAf *
ICICI Prudential FMP Series 46-1 Year Plan B AAAf *
ICICI Prudential FMP Series 46-1 Year Plan C AAAf *
ICICI Prudential FMP Series 47-1 Year Plan B AAAf *
ICICI Prudential FMP Series 47-1 Year Plan C AAAf *
* The common independent director on CRISIL’s and ICICI Prudential Asset Management Company limited's boards did not participate in the Rating Committee Meeting and rating process of these instruments.
Media Contact Analytical Contacts CRISIL Rating Desk
Ramya Krishnan Anil
Head, Market Development & Communications
CRISIL
Phone: +91-22-6758-8051
Mobile: +91 98203 42671
Facsimile: +91-22-6758-8088
Email: RamyaKA@crisil.com
Pawan Agrawal
Director, Corporate and Government Ratings – CRISIL Ratings
Tel: +91-22-6691 3301
Email: pagrawal@crisil.com

Tarun Bhatia
Head, Corporate and Goverment Ratings - CRISIL Ratings
Tel: +91-22-6691 3226
Email: tbhatia@crisil.com
Tel: +91-22-6691 3047 / 6691 3064
Email: CRISILratingdesk@crisil.com

Note:
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CRISIL Complexity Levels are assigned to various types of financial instruments. The CRISIL Complexity Levels for the instruments featured in this document are available on www.crisil.com/complexity-levels. Investors are advised to refer to the CRISIL Complexity Levels for instruments that they propose to invest in. Investors can also call the CRISIL Helpline at +91 22 6691 3047 / + 91 22 66913064 with queries on specific instruments.


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Disclaimer: A CRISIL rating on a bond fund reflects CRISIL's current opinion on the degree of protection offered by the rated instrument from losses related to credit defaults. It does not constitute an audit by CRISIL of the fund house, the scheme, or companies in the scheme’s portfolio. CRISIL ratings are based on information provided by the issuer or obtained by CRISIL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which the rating is based. A CRISIL rating is not a recommendation to buy, sell or hold the rated scheme: it does not comment on the market price or suitability for a particular investor. All CRISIL ratings are under surveillance. Ratings are revised as and when circumstances so warrant. CRISIL is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of this product. For the latest rating information on any instrument of any company rated by CRISIL, please contact CRISIL RATING DESK at CRISILratingdesk@crisil.com, or at (+91 22) 6691 3001 - 09

December 03, 2008

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